Just 0.001% hold 3 times the wealth of poorest half of humanity, report finds
2 days ago
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- #global economy
- #wealth inequality
- Fewer than 60,000 people (0.001% of the world’s population) control three times as much wealth as the bottom half of humanity.
- The top 10% of income-earners earn more than the other 90% combined, while the poorest half captures less than 10% of global earnings.
- The richest 10% own 75% of global wealth, while the bottom half owns just 2%.
- Wealth inequality has increased rapidly, with the top 0.001% holding over 6% of global wealth, up from 4% in 1995.
- Multimillionaires' wealth has grown by 8% annually since the 1990s—nearly twice the rate of the bottom 50%.
- Extreme inequality threatens economic resilience, democratic stability, and environmental sustainability.
- A 3% global tax on centimillionaires and billionaires could raise $750bn annually—equivalent to the education budget of low- and middle-income countries.
- The global financial system favors rich countries, with 1% of global GDP flowing from poorer to richer nations annually.
- Gender pay gaps persist, with women earning only 61% of men’s hourly wages (32% when including unpaid work).
- The wealthiest 10% account for 77% of carbon emissions from private capital, while the poorest half contribute just 3%.
- Public investment in education, health, and progressive taxation can reduce inequality, but political will is lacking.